The following information is from the books of mokoena supermarket for July 2024.n.b :use the current vat rate in South Africa (15%)

Question

Answer this questions in general journal

1.buy trading stock on credit from build supplies for R1 372(excluding vat)
2.sold trading stock on cash ,R6 700 (excluding vat). Total gross profit on cash sales in R2 700
3. BUY packing material from petty cash, (including vat, R171
4.sold trading stock on credit,R8000( excluding vat). A mark up of 60% on cost is maintained by the business.
5.Debtors return damage goods ,R5000 excluding vat.cost prece excluding vat ,Is R3000
6.buy fridge , R4446, inclusive of vat, for use in the staff kitchen by cheque.
7.Return unwanted stationary R350 excluding vat.Vat to creditors
8.pay water and electricity bill to local municipality, R 1845 including vat by cheque.
9. Pay telephone account, R 1026 , inclusive vat by cheque
10.bought stationary on credit, R456 including vat.

Answer 1

Below is the general journal for Mokoena Supermarket based on the transactions provided for July 2024. Each entry includes a date, account debited, account credited, and a narration if applicable.

General Journal

Date: July 2024

| Date | Account Title | Debit (R) | Credit (R) | Narrative | |------------|----------------------------------------|-----------|------------|---------------------------------------------------------| | 01/07/2024 | Trading Stock | 1,372.00 | | To record purchase of trading stock from Build Supplies. | | | VAT Input (15%) | 205.80 | | | | | Creditors (Build Supplies) | | 1,577.80 | | | 01/07/2024 | Cash | 6,700.00 | | To record cash sales of trading stock. | | | Sales Revenue (excluding VAT) | | 6,700.00 | | | | Cost of Goods Sold | 4,000.00 | | To record the cost of goods sold (R6,700 - R2,700). | | | Trading Stock | | 4,000.00 | | | 01/07/2024 | Packing Material | 148.00 | | To record purchase of packing material (R171 incl. VAT).| | | VAT Input (15%) | 22.80 | | | | | Petty Cash | | 171.00 | | | 01/07/2024 | Debtors | 9,200.00 | | To record credit sales of trading stock. | | | Sales Revenue (excluding VAT) | | 8,000.00 | | | | Cost of Goods Sold | 5,000.00 | | To record cost of goods sold (R8,000 / 1.6). | | | Trading Stock | | 5,000.00 | | | 01/07/2024 | Debtors Returns | 5,000.00 | | To record debtors return of damaged goods. | | | Sales Revenue (excluding VAT) | | 5,000.00 | | | | Cost of Goods Sold | 3,000.00 | | To record the cost of the returned goods. | | | Trading Stock | | 3,000.00 | | | 01/07/2024 | Kitchen Equipment (Fridge) | 3,872.00 | | To record fridge purchase for staff kitchen (R4,446 incl. VAT). | | | VAT Input (15%) | 574.00 | | | | | Bank / Cheque | | 4,446.00 | | | 01/07/2024 | Creditors | 350.00 | | To record return of unwanted stationery (R350 excl. VAT).| | | VAT Output (15%) | | 52.50 | | | | Creditors (Stationary Suppliers) | | 402.50 | | | 01/07/2024 | Utilities Expense | 1,545.00 | | To record payment of water and electricity bill. | | | VAT Output (15%) | | 300.00 | | | | Bank / Cheque | | 1,845.00 | | | 01/07/2024 | Telephone Expense | 895.65 | | To record payment of telephone account (R1,026 incl. VAT). | | | VAT Output (15%) | | 130.35 | | | | Bank / Cheque | | 1,026.00 | | | 01/07/2024 | Stationery Expense | 396.52 | | To record purchase of stationery (R456 incl. VAT). | | | VAT Input (15%) | 59.48 | | | | | Creditors (Stationery Suppliers) | | 456.00 | |

Notes:

• VAT Input refers to the input VAT that can be claimed, while VAT Output refers to the output VAT liability to be paid to SARS.
• Transaction descriptions should match your accounting and record-keeping instructions.
• Adjust financial numbers based on updated transaction specifics or additional information as needed.